Financing - Special Termination and Deadlines

That is logically not feasible. The bank doesn’t do that.

Why should that not work?
A few years ago I inquired exactly this option at our financing bank.
They were certainly not enthusiastic, but they sent me an offer.
However, since I have only 1.4% interest on the KFW 153, the bank offered a similar rate for the second rank. So it was not worthwhile.
I did not pursue it with insistence at the bank or with other banks either.
If they had offered better conditions back then, I would probably have finalized it. Now they are out of luck because I will probably have paid off the KFW loan completely before 2023.

Regarding repayment of KfW. Our ASP (house bank) said “at that time” that KfW can be repaid at any time. Whether he meant only our KfW60 or if that is generally valid, I do not know.

That definitely changed a few times. On the internet I still found a leaflet from 2013 about KFW 124. It does not mention partial or full repayment. Since we did not take that out at the time, only the 153, I cannot check myself.

go to an advisor or directly to Interhyp.

I would suggest that too

I think this can be done in 2 payout steps, analogous to the payout according to construction phases. The problem will be that you can only terminate in November 2024 with a 6-month notice period. That means refinancing is only possible in May 2025. That’s still over 3 years. This results in corresponding interest surcharges.

So I can’t terminate 6 months before the 10th anniversary but only after 10 years. That’s another half year wasted again.

The 153 was partially or fully redeemable at any time. But I thought that did not apply to the KFW 124.
You should check that.

Our ASP (house bank) said "back then," KfW can be redeemed at any time. Whether he only meant our KfW60 or if that is generally valid, I don’t know.

Just checked. 10 years fixed interest. Termination only with compensation.

Go to an advisor or directly to Interhyp

Is that possible without ruining the Schufa score? I don’t want multiple inquiries to ruin my very good "reputation" and then have to pay more interest later because of that.

Thanks for your help.

Yes, unfortunately it can only be repaid after 10.5 years from full disbursement. We thus have over 2 years difference between the 10 years (after contract conclusion) for the KFW loan and the 10.5 years (after full disbursement) for the main loan. That's why I started thinking about follow-up financing way too early.

Since in your case the KFW loan cannot be repaid early without penalty, I would only start thinking about it in 1.5-2 years. Then you will also have more certainty about the residual debt of the main loan. Both remaining amounts and thus the interest risk are manageable. Then I would consolidate the two loans with two disbursement dates. But you have to make sure you don’t go below €50,000, otherwise you will pay interest surcharges again.

Why should that not be possible?
A few years ago, I inquired about exactly this option at our financing bank.

Because the banks do not do or allow that. That way, many financings could be "circumvented."

You had offered your help in another thread. Could you take a look here?
KFW loan and regular mortgage. The KFW expires earlier than the regular one.

A question, maybe several, about follow-up financing. Our main loan has been running for 8 years with a fixed term of 15 years and the KfW also for 8 years with a 10-year fixed term. Now I have read that after 10 years you have the right to early termination. I would like to use this to get a better interest rate and to immediately pay off the KfW. 1. Does it make sense to talk to the bank now and negotiate something in advance? A friend has already secured good conditions for his follow-up financing 3 years in advance by switching banks. 2. If I have to change the institution due to an unwilling bank, does the notary have to be involved again? The new bank surely also wants to be entered in the land register, right? 3. Due to the stupidity of the financial advisor, we could only start repaying later because we could not draw the last thousands as they had to be used for a specific purpose (old property). Do the 10 years run from the disbursement of the principal amount or from the start of repayment?

The answers:

Currently, it of course makes a lot of sense to refinance the loans from 2013, as the interest rate was probably more like 2.5-3.5%. With the KfW it is no problem to refinance in 2023, with the main loan, which has a 15-year fixed interest period, you have to look exactly when the full disbursement was, because from that time you have a special termination right after 10 years with 6 months’ notice. Example: full disbursement 15.12.2013 you can terminate immediately, but the refinancing date would then be 30.06.2024 (10 years + 6 months, at the end of the month) and the 10 years run from FULL DISBURSEMENT, meaning when the loan was fully paid out, i.e. if you still had 1-2 years with €1000 with the bank, this would accordingly extend the notice periods. But I also do not see this as problematic, some banks have no problem if you make 2 new financing modules, for example KfW is taken over in 2023 and the main loan in 2025. Perhaps you should then consider, for example, making KfW a 13-year fixed interest period and the main loan 15 = so that all expire in the same year. Alternatively 18/20 or 8/10 years.